Bank of America Co. (NYSE:BAC) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,835,742 shares of the financial services provider’s stock after selling 1,030,633 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.19% of Bank of America worth $652,031,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Collier Financial purchased a new position in Bank of America in the fourth quarter worth $25,000. Life Planning Partners Inc boosted its holdings in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new position in Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC purchased a new position in Bank of America in the fourth quarter valued at about $29,000. Finally, Highline Wealth Partners LLC grew its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.9 %

Shares of BAC opened at $41.87 on Thursday. The firm has a market cap of $318.33 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company’s fifty day moving average is $44.17 and its two-hundred day moving average is $43.96. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 earnings per share. Analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BAC shares. Piper Sandler reduced their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $48.31.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.